If I fill out a small estate affidavit for an unclaimed estate less than $5,000, will I be taxed by the government?

I am entitled to just that since no Will was left upon his sudden death. The “estate” only consists of a car and a small bank account with only $2,000 in it (half of which will be going back to Social Security).

Asked on April 21, 2014 under Estate Planning, Virginia


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

Under the laws of all states in this country as well as Federal tax law, you as a beneficiary of the estate that you have written about will not be taxed for the $5,000 or so. The $5,000 or so is a gift and is not taxable as income.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.